I am not one for reading the financial sections of newspapers but this week a headline related to educational technology caught my interest. This article predicts that the global Educational Technology market is envisioned to progress considerably over the next 10 years. Educational Technology will be worth 108 billion USD in 2024. From 2024 to 2034, however, the educational technology market is predicted to advance at an impressive 14% annually and EdTech demand is expected to reach 411 billion USD by 2034.
With a trend toward online and individualized learning, the global EdTech market is expanding significantly. The demand for digital tools, adaptive technologies, and remote education is rising, while growing emphasis on reskilling, upskilling and lifelong learning is also spurring innovation in the Educational Technology field.
The adoption of Educational technologies surged because of the global pandemic, which highlighted the need for and importance of adaptable,
tech-enabled educational solutions. Collaboration between EdTech providers and traditional educational institutions is now becoming increasingly common as the industry develops to meet current and future learning demands.
There are some issues, however, that are holding back the pace of growth in the EdTech sector. Limited internet connectivity and technology access, particularly in underprivileged and distant locations, and worries about data security and privacy are some obstacles that can impede adoption of educational technology, while the pace of EdTech innovation is also slowed by institutional obstacles and educators’ resistance to change.
There are also some slight differences regionally in terms of trends that are driving the growth of educational technologies in those areas.
Asia’s adoption of EdTech solutions is being propelled by government measures that support online learning and digital literacy and the expansion of the middle class and their discretionary income.
Adaptive learning technologies, gamification of education, and the incorporation of artificial intelligence and machine learning algorithms to customize learning experiences are among the popular EdTech trends in North America.
A growing understanding of the value of digital skills in the workforce, the need for lifelong learning, and the integration of technology into classrooms are some factors promoting the expansion of EdTech in Europe.
What also appears to be emerging is that education technology is currently positioned to play a major role in determining the direction of education in the future due to a greater emphasis on individualized, adaptable approaches and the use of developing technologies.
While the predicted 14% annual growth rate is a global estimate, growth rates for New Zealand/Australia, and for Japan are expected to grow at an impressive 22% and 17%, respectively.
